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Monday, October 26, 2009
Guj builders plan permanent property show
Gujarat based builders are planning to replicate the Japanese model of permanent property show to display large number of real estate
at a single venue near Ahmedabad.
The idea of developing a facility for displaying built sample houses along with layouts has come from a recent study tour of Gujarat chapter of Confederation of Real Estate Developers’ Association of India (CREDAI) to Japan and South Korea. Around 120 real estate developers from across Gujarat visited the two countries earlier this month.
The permanent property show near Osaka drew attention of the entire delegation. “Most of us believe it would make sense to replicate the model somewhere near Ahmedabad instead of holding property shows periodically,” said Jaxay Shah, president CREDAI (Gujarat). Prospective buyers also don’t have to waste time by visiting different construction sites.
Mehsana-based builder Sandeep Sheth, who coordinated the study tour, said, “Under one roof, customers would get an idea about overall realty development across the state and developers will have the advantage of a large platform which would attract a broad base of prospective buyers.”
The Osaka model has excellent landscaping, gardens, restaurants and an entertainment zone for children where families spend considerable time before taking the crucial decision on which residential or commercial space to buy.
Suresh Patel, vice-president of Gujarat Institute of Housing and Estate Developers (GIHED), said if the state government supports the idea, it could generate good revenue out of rentals from developers who book space in the project.
There were other unique schemes which impressed the local realtors. Ahmedabad-based realtor Dushyant Pandya said he was eager to replicate a solar bungalow project. The one he saw had 120 dwelling units running only on solar energy. “Cost-wise, these would be expensive initially but they would be cheaper in the long run,” he said.
Among other projects they visited was one especially developed for artists like painters, sculptors, designers and creative people. The homes offer an ambience which helps creativity blossom
The idea of developing a facility for displaying built sample houses along with layouts has come from a recent study tour of Gujarat chapter of Confederation of Real Estate Developers’ Association of India (CREDAI) to Japan and South Korea. Around 120 real estate developers from across Gujarat visited the two countries earlier this month.
The permanent property show near Osaka drew attention of the entire delegation. “Most of us believe it would make sense to replicate the model somewhere near Ahmedabad instead of holding property shows periodically,” said Jaxay Shah, president CREDAI (Gujarat). Prospective buyers also don’t have to waste time by visiting different construction sites.
Mehsana-based builder Sandeep Sheth, who coordinated the study tour, said, “Under one roof, customers would get an idea about overall realty development across the state and developers will have the advantage of a large platform which would attract a broad base of prospective buyers.”
The Osaka model has excellent landscaping, gardens, restaurants and an entertainment zone for children where families spend considerable time before taking the crucial decision on which residential or commercial space to buy.
Suresh Patel, vice-president of Gujarat Institute of Housing and Estate Developers (GIHED), said if the state government supports the idea, it could generate good revenue out of rentals from developers who book space in the project.
There were other unique schemes which impressed the local realtors. Ahmedabad-based realtor Dushyant Pandya said he was eager to replicate a solar bungalow project. The one he saw had 120 dwelling units running only on solar energy. “Cost-wise, these would be expensive initially but they would be cheaper in the long run,” he said.
Among other projects they visited was one especially developed for artists like painters, sculptors, designers and creative people. The homes offer an ambience which helps creativity blossom
City realtors aim high Assetventures
mpressed by the infrastructure development and synergy between town planning and bylaws in Japan and South Korea, real estate players in the city now believe vertical growth is the solution to the crunch of land in Ahmedabad. Recently, a team of around 120 real estate developers of Gujarat had been on a 10-day tour to Japan and South Korea. The tour was organised by Gujarat chapter of Confederation of Real Estate Developers Association of India (Credai).
The developers were very much impressed by the city development projects undertaken by the governments of the two countries. Unlike the US, Japan and Korea feel severe crunch of land, so they prefer vertical development, said Dushyant Pandya of Vishwanath Group. He also said horizontal development would mean higher prices of land.
"At present, the land prices in the city are no longer affordable for citizens. Though, many say the prices here are still lower than that in Pune or Bangalore, one should not overlook the fact that even the average earning of people here is lower," he said. Suresh Patel, vice president of Gujarat Institute of Housing and Estate Developers (Gihed), said though Japan is under higher risk of earthquake, the government allows 100-storey buildings. "It makes us wonder why we are not allowed to build 20-25 storey residential complexes in the city," Patel said.
Almost half of the representatives of the delegations were from Ahmedabad. The delegation visited Osaka, Tokyo and Kyoto in Japan and Seoul in South Korea during the 10-day tour. It had business to business meeting along with having a look at various infrastructure projects there.
"Town planning is not only about building houses, it is also about traffic, law and order and civic amenities," said Jaxay Shah, president of Credai, Gujarat Chapter. He said there must be a perfect blending of development and services. He felt that since the government was about to prepare a plan of Ahmedabad's development for 10 years, the officials concerned should also visit these countries.
Shah said there was a need to create skilled human resource pool that for providing quality works. He said Credai is planning to set up centres for training of all levels of people involved in real estate sectors. However, the government should help the association with providing adequate land for setting up such centres, he said.
"We want to set up such training centres first in four major cities of the state - Ahmedabad, Vadodara, Surat and Rajkot, and then take it further to small towns," he said.
Shah also stressed the need to develop knowledge back up. "Though the government-run ITIs are running some courses, for real development public-private partnership is a must," he said.
Thursday, October 22, 2009
Pay less upfront to get a home loan Assetventures
Mr X (name changed), who works in the chemical industry, can now afford to buy his dream home, thanks to banks lowering down-payment for home loans.
When he first inquired with his bank, he learnt that to avail of a loan for a house worth Rs53-55 lakh, he needed to shell out Rs10.6 lakh (roughly 20% of the value of the house); the loan amount would be the remaining Rs42.4-44.4 lakh.
When he first inquired with his bank, he learnt that to avail of a loan for a house worth Rs53-55 lakh, he needed to shell out Rs10.6 lakh (roughly 20% of the value of the house); the loan amount would be the remaining Rs42.4-44.4 lakh.
A week back, he visited his bank again and found that the down-payment requirement had come down to Rs7.95 lakh, or 15% of the value of the house.
Till sometime ago, banks were cautious about home loans as property prices had been falling. They wanted a higher cushion by way of higher down payment. The cushion is called margin in banking terms. On a property worth Rs20 lakh, a bank would extend a loan 15-30% lower than the value to ensure that in case the borrower defaulted, and the price of the property fell, the bank could sell the property and recover the dues.
"The situation is better now as property prices are reasonably stable. At most other places, except Mumbai, prices have not gone up beyond 10%. Because of the reasonable prices, LTV (loan to value, or the percentage of property value financed by a bank) has started slightly moving upward," said Kamlesh Rao, executive vice president and business head, personal finance, Kotak Mahindra Bank.
home loan down-payment requirements were increasing, sometimes as high as 30% of a property's value, as realty prices were coming down. But Rao said that down payment is decreasing only in cases of ready property or where a flat will be under possession in six-nine months. In a survey of 11 banks, nine banks would provide 80% of a property's value as loan and one 85% to first-time borrowers.
An agent from a leading private sector bank told that the bank would provide 85% of a property's value as loan. "But I can get it for you with stamp duty and registration cost. If you consider that, the amount will almost be 100% of your property value," he said.
It is learnt that public sector banks such as the State Bank of India, Indian Bank, Bank of India and the Punjab National Bank have lowered down-payment levels to 15-20% from up to 30% till recently.
This was not the case a few months ago, when nobody was sure when the fall in property prices would stall.
RR Nair, director and chief executive, LIC Housing Finance, said: "We are having it (down payment) at 15%. When property prices were down, we had not officially reduced the margin (the percentage to be paid by the borrower). But we were cautious about appraising the property. Depending upon the quality of the property and the project, there was a call taken (on the margin). So, right now we don't have to officially change the margin."
Some banks and non-banking finance companies are adopting a wait-and-watch strategy. Sanjay Shukla, business head (mortgage), Tata Capital Housing Finance, said: "Real estate firms were holding up the price and hence sales were not happening. After Dussehra, there have been some sales. The loan to value from the customer's point of view is 80-85%, depending on his or her credit profile."
But some bankers want to avoid a situation where home buyers overreach. CS Jain, executive director (head of personal banking), IDBI Bank, said: "We have retained the down payment at 20% (from 15% earlier). We haven't rolled it back and are not planning to reduce it yet."
The Housing Development Finance Corporation is one of the financers that did not change down payment amounts during the tough phase and so haven't changed now. Keki Mistry, vice president and managing director, HDFC, said: "Nothing was changed last year and nothing has been changed now."
British firm to host India property show Assetventures
With the global economy looking up, a London-based firm plans to host a property show to showcase residential projects in India to British investors.
The event, organised by real estate agent Hamptons International, will be held Oct 30-Nov 1 at the firm's head office in London.
"India has always been a major market for Hamptons International, given the UK's long and close ties with this country," said company international sales manager Dean Foley.
"We have certainly seen, over the last few months, an upturn in the amount of transactions completing by our UK NRI (non-resident Indian) clients due in part to long term growth plans and affordable real estate," Foley said.
The event has been organised in partnership with leading developers including Emaar MGF, Spire Edge, Ansal, ANR Infrastructure, Santa Fe Realty and Godrej.
The event, organised by real estate agent Hamptons International, will be held Oct 30-Nov 1 at the firm's head office in London.
"India has always been a major market for Hamptons International, given the UK's long and close ties with this country," said company international sales manager Dean Foley.
"We have certainly seen, over the last few months, an upturn in the amount of transactions completing by our UK NRI (non-resident Indian) clients due in part to long term growth plans and affordable real estate," Foley said.
The event has been organised in partnership with leading developers including Emaar MGF, Spire Edge, Ansal, ANR Infrastructure, Santa Fe Realty and Godrej.
Tuesday, October 20, 2009
Man can claim house bought in wife's name: HC Assetventures
More than 20 years after a Ratnagiri couple got divorced, the Bombay high court has given the man the right to claim the property he had bought for his former wife in happier times.
"The husband had purchased the property in the name of his wife with his own money and, therefore, she was only [the] benamidar, or the ostensible owner, while the husband is the real owner," justice JH Bhatia observed in his order last week. Since the husband bought the house in 1981, the transaction was not barred by the Benami Transactions (Prohibition) Act, which came into existence in 1988.
Family court advocate Kranti Sathe said the ruling would affect many couples who buy property jointly. "The court has tried to strike a balance -- the wife is entitled to maintenance after divorce, but even the husband has not been denied the property that he purchased with his hard-earned money," Sathe said.
This means if a spouse cannot prove to have bought the property with his or her own money, he or she may lose the right to claim it, Sathe said.
In this case, Jayant and Sonali (names changed) were married in 1979. In January 1981, Jayant said he bought the property worth Rs5,000 in Ratnagiri in Sonali's name out of "love and affection". He said he had paid for it after securing a bank loan of Rs1,500 and using savings from his salary, which was Rs350 per month at the time.
In 1984, after their relationship soured, Sonali moved out of Jayant's home and started living separately with her parents in Kolhapur. In 1993, the trial court held that Jayant had paid for the property and it was not bought for the benefit of his wife.
Sonali challenged the decision before the high court, claiming she had paid for the property from the money her "rich" father had given her and the scholarship she earned as a student of biochemistry.
Justice Bhatia, however, observed that there is "no material to show" that Sonali had received "any funds, either from her father or any scholarship", to purchase the property.
The court said it was "logical and reasonable" for Jayant to buy the property in Sonali's name when they were married and living cordially. But after their separation, when Jayant's first claim was allowed by the court in 1989, Sonali made no attempt to claim the property.
The court dismissed Sonali's appeal and permitted Jayant to claim the property that was rightfully his.
Neelofar Akhtar, member of the family court bar association, said the ruling assumes importance as there are not enough provisions in law to deal with property disputes arising out of divorces.
"The woman has the right to alimony after divorce but if she claims property also, what remains with the man?"
Family court lawyer said sometimes men may buy property in the wife's name for tax benefits and sometimes women may end marriages too soon to get a "back-door claim" to the man's property.
Sathe said the length of marriage is also crucial while deciding such cases.
But divorce cases are very delicate and tricky as they differ from couple to couple and it is difficult to apply anything as a blanket rule, Sathe added.
NRIs to get immediate property possession in Chandigarh Assetventures
Non Resident Indians (NRIs) having property in the union territory of Chandigarh can now gain immediate possession of both resedentian and non-residential property, officials said here Monday.
"We have received a notification from the union government regarding the extension of the East Punjab Urban Rent Restriction (Amendment) Act 2001 in the city. Now NRIs can have immediate possession of their property by just applying to the relevant authority," said the official spokesperson of the union territory here Monday.
He added: "Chandigarh administration had been for long urging the centre to make provisions or to devise a mechanism for safeguarding the properties of the NRIs having roots in Chandigarh."
Chandigarh already has an NRI cell, which was established Aug 15, to deal expeditiously with various representations and complaints received from NRIs.
"We have received a notification from the union government regarding the extension of the East Punjab Urban Rent Restriction (Amendment) Act 2001 in the city. Now NRIs can have immediate possession of their property by just applying to the relevant authority," said the official spokesperson of the union territory here Monday.
He added: "Chandigarh administration had been for long urging the centre to make provisions or to devise a mechanism for safeguarding the properties of the NRIs having roots in Chandigarh."
Chandigarh already has an NRI cell, which was established Aug 15, to deal expeditiously with various representations and complaints received from NRIs.
Real estate payment plans Assetventures
Do you understand the nuances of your payment plan to your developer? When you buy property and pay by installments, soon after the initial payment you make at the time of booking, you will be expected to make recurring payments to the developer.
Here we explain the process of how this works and what you stand to gain or lose under each option.
Time-Linked Payment Plan
Time-linked plans require you to pay installments to the developer based on a pre-determined time schedule, independent of the rate at which the project’s construction progresses. This is a contractual commitment you are signing up for, and is non-negotiable.
If your payments are late or if you miss an installment, you can be liable for penalty interest or anything that you might have contractually agreed to as a penalty.
A typical time-linked plan conceptually looks like the following:
- 10% of basic selling price (BSP) at time of booking
- 10% of BSP every quarter thereafter for next 8 quarters
- 10% BSP at time of possession + other dues (such as club membership, development charges if any, parking fees)
The disadvantage with time-linked plans is that you are at the mercy of the developer - even if the project is delayed you are contractually bound to pay your installments.
So, effectively you are funding the developer for no noticeable progress, which clearly is not a fair deal to you. The question to ask is what the developer is doing with your money if it is not going towards the construction or related activities.
Construction-Linked Payment Plan
Construction-linked plans require you to pay installments to the developer based on a pre-determined rate of progress of the project, usually related to construction related milestones.
The advantage of such a payment plan is that you pay only when the milestones are being achieved – you can see visible signs of progress, and there is a noticeable correlation between what you are paying for and the development of the project.
Like in time-linked plans, if your payments are late or if you miss an installment, you can be liable for penalty interest or anything that you might have contractually agreed to as a penalty.
A typical construction-linked plan conceptually looks like the following:
- 10% of BSP at time of booking
- 10% of BSP at time of excavation
- 10% of BSP at casting of the ground floor slab….and so on
- Final installment at completion of the roof + other dues (such as club membership, development charges if any, parking fees)
The advantage of a construction-linked plan, as you might have guessed, is that you pay for progress, and are not uselessly funding the developer to do what it pleases with your money.
What if you choose the Down Payment Plan?
The Down Payment Plan requires you to pay the entire price of the property at the time of booking. One possible advantage of this is that you can expect to get a 10%-12% discount on the property by paying the entire amount in full.
However, depending upon the project and the builder, you might be able to negotiate a higher discount.
The disadvantage of these plans is that once you have paid the entire money, you are at the mercy of the developer if the project is delayed or postponed.
What happens if you cancel your booking?
Irrespective of which payment plan you choose, the outcome depends upon how helpful the developer wants to be in dealing with your cancellation request. You will likely have to put in your request in writing and then just wait for the developer to respond.
However, don’t expect the developer to act quickly. It is not in their interest to do so, because now they have to find a new buyer for the unit that you are exiting.
As far as getting a refund is concerned, you must understand what contractual penalties you might be obligated to pay.
In any case, don’t expect the developer to pay the pending amount back to you immediately. Chances are you will be made to run around a lot to get anything back from the developer, and the process can take up to a few months.
Festive real estate and loan offers Assetventures
Festive real estate and loan offers
Diwali is a time for festive offers. But, real estate and housing loans aren’t consumer goods and the advertised festive offers are usually just a marketing gimmick.
There is very little similarity between buying a domestic items like a kettle, on which one can get genuine deals, and getting a big ticket item like a house or a housing loan. Here we tell you why you should not fall into the trap of a so-called festive offers on real estate and related loans.
Why the marketing spin?
Marketers recognize that during festive seasons, whether its Diwali in India or Christmas in the western world, consumers are looking for good deals.
In India, Diwali is also seen as an auspicious time to make financial decisions. So, marketers play on this pre-existing momentum in the minds of consumers looking to make a house purchase decision during the festive season.
However, the deals are usually no different than what you would get before Diwali, or just after the festival season.
Don’t rush the big decisions!
Buying a house and getting a housing loan against it are the probably the biggest financial decision that any family will make. We aren't talking of a toaster oven here, that costs just a few thousand rupees at most. We are talking of at least Rs 20-40 lakhs, and a loan that will likely keep you indebted for up to a decade.
Such decisions cannot be rushed, because you will have to live with its consequences for a long time. And, the risk of getting it wrong is very high if you rush through your decision.
What drives real estate and housing loans? The economic cycle
Real estate companies and housing lenders are at the mercy of the financial markets. The prevailing interest rates, that are set by the market or policy makers, are one of the key drivers of real estate and housing loan prices.
To stimulate demand, a company might offer what appears to be a discount, but realistically speaking the pricing criteria for these products is no different around Diwali from the weeks just before or after the festive season. If the economic situation is good or bad that has a bigger influence on the pricing of real estate and housing loans.
So what deals are genuine?
At best, you might be in position where the developer reduces a modest fee to stimulate demand, or a housing lender reduces their processing fee.
However, its unlikely that the monetary benefit of these reductions will be any more than say Rs 10,000 – Rs 20,000 maximum, and if you tried hard enough you could get these reductions at other times of the year as well.
For instance, some developers in North India were offering a Navratra discount of up to Rs 100 on the booking amount. However, this was no different from the inaugural discounts usually offered. Similarly, some lenders might waive the loan processing fee during the festive season. But such waivers are no different from what you can get during the rest of the year if you negotiate with your lender.
Monday, October 12, 2009
NRIs seek Tharoor's help to protect property in India
Seeking to protect their properties and investments back home, non residents Indians have asked minister of state for external affairs Shashi Tharoor to sponsor a new bill that will safeguard their interest.
Supporters of the proposal voiced their grievances at the gathering on how their properties were allegedly taken over by government, mafia and illegal occupants.
However, at the meeting organised by the Keralite community in New York, Tharoor expressed his inability to sponsor the proposal as the matter is not under the jurisdiction of his ministry.
"The truth of the matter is that when it comes to this issue, I cannot sponsor a bill because in our parliamentary system it is not permitted," Tharoor told the members of the Malayali community, at his first public appearance during his visit to New York.
Tharoor underlined that while he could not sponsor the proposal, he would take up the matter with the relevant authorities in India. "I will be very happy to speak to the overseas affairs minister and law minister because if the government takes on this bill and recommends it then the chances of passage are much greater," he noted.
They pointed out that the 25 million strong Indian Diaspora contributes $52 billion as remittances annually, which is four per cent of India's gross domestic product.
Commenting on the proposal to grant voting rights for NRIs, Tharoor said a bill to this effect may not get support back home.
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Saturday, October 10, 2009
MCHI announces Property 2009, India's Largest Official Property Exhibition
At MMRDA grounds BKC during October 1-4, 2009
Maharashtra Chamber of Housing Industry (MCHI), the most prominent body of real estate builders and developers in the country, today announced ‘Property 2009’ their 15th Real Estate and Housing Finance Exhibition to be held at MMRDA grounds, Bandra Kurla Complex, scheduled to be held during October 1-4, 2009 from 11am to 8pm.
Maharashtra Chamber of Housing Industry (MCHI), the most prominent body of real estate builders and developers in the country, today announced ‘Property 2009’ their 15th Real Estate and Housing Finance Exhibition to be held at MMRDA grounds, Bandra Kurla Complex, scheduled to be held during October 1-4, 2009 from 11am to 8pm.
Property 2009, India’s only official and largest real estate and housing finance exhibition organized bi-annually by the MCHI from last ten years, is a one-stop destination for the potential property buyers in Mumbai. It offers home buyers a wide range of properties both Budget, High End and Commercial Properties along with a wide choice of Home Loan options.
As many as 75 real estate developers would be showcasing the properties located in Mumbai and the suburban areas, Thane, Navi Mumbai, Pune and other parts of India during the exhibition. The exhibition is organized by MCHI and co-organized by the State Bank of India, Platinum Partners – ICICI Home Finance Company Ltd., Axis Bank, and LIC Housing Finance Ltd. IDBI Bank is the Gold Partner and HDFC Ltd is the Silver Partner.
Prominent housing finance companies such as Citibank N A, Dewan Housing Finance Corporation Ltd., GIC Housing Finance Ltd, IDBI Home Finance Ltd and Kotak Mahindra Bank Ltd will also be participating in the exhibition, offering their best deals.
Mr. Pravin Doshi, President MCHI said, “As the festive season begins, we would like to offer an opportunity to the thousands of prospective home buyers to buy the house that suits their requirements from the properties being displayed at the exhibition.”
Mr. Harish Patel, Convenor Exhibitions adds, “Riding on the revival in the overall economy, real estate has recently seen demand is picking up in all the segments. We are very much confident that forthcoming mega real estate exhibition would serve the cause of bridging the gap between the potential buyers and the real estate developers by bringing them at the one platform”.
Mr. Deepak Goradia, Co-convenor Exhibitions, said, “MCHI’s property exhibitions have always reflected the market’s true sentiment. Be it the mega shows or the budget shows, these exhibitions have become a convergence point for property seekers. This time too, we foresee a great potential as thousands of prospective home buyers are awakening to the prospect of investing in property to get the best returns”.
About MCHI:
Maharashtra Chamber of Housing Industry (MCHI), formed in 1982 is the most prominent body of real estate builders and developers bringing together members dealing in real estate and construction industry on one common platform to address issues facing the industry. Members of MCHI account for providing 80 % - 90% of residential accommodation in Mumbai and its vicinity. MCHI helps both the Central and State governments in meeting their objectives of providing shelter. MCHI works towards raising awareness among the general public, real estate and construction industry while providing them with exhaustive information on projects and new developments in and around Mumbai. With over 400 well-recognized and reputed member builders, developers MCHI is affiliated with leading industry associations like Ficci, IMC and Credai.
The IndiaHome Property Exhibition, which helps the Indian diaspora get information on a range of residential real estate opportunities in
India, will be held in Dubai from October 9-11.
The exhibition invites prominent builders from across India to showcase their projects under construction and will feature Emaar MGF, ETA Star, Hiranandani Constructions and K Raheja Corp, among others. The cost of the properties showcased is likely to be in the range of Rs 40 lakh to Rs 10 crore.
"Owning a home in India is a long-cherished desire of all NRIs worldwide. Our endeavour with the IndiaHome Property Exhibition is to create a convenient interface for NRIs with India's reputed real estate developers and help make the purchase process seamless," Citibank India Head Consumer Assets Ashish Mehrotra said.
NRI customers can avail loans ranging from Rs 20 lakh-Rs 5 crore for ready-to-move and under-construction properties which can be obtained under flexible repayment plans and periodic payments can be conveniently routed through the Citibank NRE/NRO Account, Mehrotra added.
Other companies participating in the event include Brigade Enterprises, Chaithanya Projects, Fairy Land Foundations, Gera Developments, Goel Ganga Group, Jaiprakash Associates, Kumar Properties, Lancor Holdings, Paranjape Schemes (Constructions), Sobha Developers and Three C Universal Developers.
India, will be held in Dubai from October 9-11.
The exhibition invites prominent builders from across India to showcase their projects under construction and will feature Emaar MGF, ETA Star, Hiranandani Constructions and K Raheja Corp, among others. The cost of the properties showcased is likely to be in the range of Rs 40 lakh to Rs 10 crore.
"Owning a home in India is a long-cherished desire of all NRIs worldwide. Our endeavour with the IndiaHome Property Exhibition is to create a convenient interface for NRIs with India's reputed real estate developers and help make the purchase process seamless," Citibank India Head Consumer Assets Ashish Mehrotra said.
NRI customers can avail loans ranging from Rs 20 lakh-Rs 5 crore for ready-to-move and under-construction properties which can be obtained under flexible repayment plans and periodic payments can be conveniently routed through the Citibank NRE/NRO Account, Mehrotra added.
Other companies participating in the event include Brigade Enterprises, Chaithanya Projects, Fairy Land Foundations, Gera Developments, Goel Ganga Group, Jaiprakash Associates, Kumar Properties, Lancor Holdings, Paranjape Schemes (Constructions), Sobha Developers and Three C Universal Developers.
Hosing sector demand to go up by 30 percent: FICCI Asetventures
The residential sector will lead the revival of India's reality industry as it will see a surge in demand by 30 percent by 2009-end, according to an industry lobby survey.
'Although the real estate sector has started showing some signs of revival, a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 percent renewal in demand,' said the survey report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
However, the commercial and retail segments will take some more time to recover.
The commercial and retail segments are expected to pick up after the third quarter of 2010, the report said.
'Affordable housing seems to be the flavour of the day as more than 34 percent of the demand in the residential segment is in the price bracket of Rs.5-Rs.15 lakh,' the survey said.
Demand for houses in the range of Rs.15-Rs.25 lakh will go up by 26 percent, while those in the bracket of Rs.25-Rs.40 lakh will see demand rising 22 percent, the chamber said.
Properties priced between Rs.35 lakh and Rs.50 lakh will see 12 percent increase in demand, while the houses priced above Rs.50 lakh will see a mere 6 percent rise.
However, banks are still cautious in lending, and prefer lending to credible developers, the survey said.
The real estate mutual funds have not taken off well in the Indian market due to 'lack of awareness and ambiguous policy framework'.
The taxation and exit-related issues need to be resolved and the guidelines need to be comprehensive and transparent for them to do well, it added.
'Lack of standardised policies is the most serious issue. Multiple state laws hinder and delay the execution of projects. Absence of single window clearance emerged as the second most critical issue,' FICCI said.
Unclear land titles pose a major challenge in the development of real estate sector, it added.
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